SEC and PCAOB Developments 2008 – Risk Alert

This Audit Risk Alert (alert) provides auditors and accountants practicing in business and industry with a detailed overview of recent developments at the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) with respect to financial reporting and auditing matters.

In this alert, you will find recent developments from the SEC, PCAOB, Committee for Sponsoring Organizations of the Treadway Commission, and the Center for Audit Quality.

This alert includes the latest information regarding internal control reporting requirements mandated under Section 404 of the Sarbanes Oxley Act of 2002, including PCAOB Auditing Standard No. 6 and the latest SEC rules on internal control over financial reporting for non-accelerated filers.

You will also find discussions related to the XBRL initiative, convergence with International Financial Reporting Standards, and a section dedicated to bringing you SEC and PCAOB small business initiatives.

Content refers to previous edition.

SEC and PCAOB Alert — 2008

Notice to Readers

This publication provides preparers and auditors with a detailed overview of recent developments at the Securities and Exchange Commission and Public Company Accounting Oversight Board with respect to financial reporting and auditing matters. The material in this publication was prepared by AICPA staff and has not been considered or acted upon by senior technical committees of the AICPA or the AICPA Board of Directors and does not represent an official opinion or position of the AICPA. It is provided with the understanding that the author and publisher are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The author and publisher make no representations, warranties, or guarantees as to the content or application of the material contained herein. The author and publisher assume no responsibility for the content and expressly disclaim all liability for any damages arising out of the use of, reference to, or reliance on suchmaterial.

Kristy L. Illuzzi, CPA
Technical Manager
Accounting and Auditing Publications

022498